April 22, 2020

GREG LEVINE Allegedly Fails To Repay Clients

Stock Broker Losses?

Barred Broker Greg Levine Allegedly Failed To Repay Multiple Clients

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming information in regard to securities broker Gregory Alan Levine [CRD#: 2401300, Fort Lauderdale, Florida]. He worked for First Allied Securities Inc. between July 6, 2012 and July 10, 2017. Notably, at least 10 clients brought disputes about the securities broker. Also, FINRA barred Levine in 2018 for not being cooperative with its requests. In sum, these disclosures suggest that Levine may be concealing something from FINRA and that he failed to repay loans to clients for unapproved outside investments. Read on to learn more concerning the allegations against Levine.

Greg Levine Allegedly Fails To Repay First Allied Securities Client

Apparently, on March 3, 2019, a First Allied Securities client made a formal complaint concerning Greg Levine. Supposedly, Levine borrowed $210,000 from the client and then did not repay it. Consequently, the client asked for $210,000 in compensation from First Allied Securities or Levine. Evidently, this complaint is pending a resolution.

First Allied Securities Settles Clients’ Complaints About Loans To Greg Levine

Notably, a client of First Allied Securities contested Greg Levine in a complaint dated April 6, 2018. Allegedly, Levine took a personal loan from the client for $25,000 but defaulted or otherwise failed to repay the client. As a result, First Allied Securities agreed to resolve the matter on June 30, 2018 through paying the client a total of $25,000.
A similar claim comes from a client on March 5, 2018 who alleged that she made a loan to Levine for what was supposed to be an outside investment. Apparently, the client contended that First Allied Securities was not aware of the loan and did not approve of it. Eventually, First Allied Securities settled this complaint on May 23, 2018 through making a $14,400 payment to the client.

Client Indicates That Levine Was Loaned Money For Outside Investments

Also, a First Allied Securities client brought a dispute on October 13, 2017 to challenge Levine’s actions. It appears that the client provided money to Levine to invest directly with him instead of through First Allied Securities. Apparently, Levine did not return the client’s money. Evidently, on January 24, 2018, First Allied Securities paid the client $155,000 to put the claim to rest.

FINRA Bars Greg Levine From Being A Broker

Evidently, per a letter dated April 9, 2018, FINRA barred Greg Levine from being a broker for a FINRA member firm. Mainly, the financial industry watchdog contended that Levine failed to respond to a request for information. Notably, FINRA’s request followed four reported disputes involving Levine. The request also followed First Allied Securities’ June 21, 2017 disaffiliation with the broker for private securities transactions and client complaints.

Losses From First Allied Securities Broker Greg Levine?

Lars Soreide AVVO 2020 Top Lawyer

Have you experienced losses by investing with Greg Levine? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Levine.

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